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Re: Can i claim VAT back on my tools i buy for work.

You need to become VAT Registered in order to reclaim, the only exception iare those who can claima disabled exemption and recieve the VAT back without become a registered trader.

The usual solution is for staff to purchase their own tools through their firm, paying back only the VAT-free amount back through their wages. Because the tools are being used for the firm, VAT is rightfully reclaimed, but there are some gotcas were the tools must be in use for aset period if there is to be no clawback on the tax element.

Re: Can i claim VAT back on my tools i buy for work.

You can claim tax relief on them and claim back up to 6 years. Get in touch with HMRC or go to their site and check it out. There will also be a claim form to download.
You need the receipts, but if you use the likes of Snap-on, then they will be able to provide you with these if you have lost yours.

Re: Can i claim VAT back on my tools i buy for work.

Re: Can i claim VAT back on my tools i buy for work.

Tax relief and rebates are based on your tax coding and peronal tax liabilities paid to the Revenue. VAT is a seperate tax, levied on all goods at the point of sale and charged on all goods and services at a rate of 17.5% at the Standard Rate. Companies who are VAT registered can reclaim the VAT element on the goods they supply for their own purposes (ie not for sale).

Re: Can i claim VAT back on my tools i buy for work.

Originally Posted by buzby

Tax relief and rebates are based on your tax coding and peronal tax liabilities paid to the Revenue. VAT is a seperate tax, levied on all goods at the point of sale and charged on all goods and services at a rate of 17.5% at the Standard Rate. Companies who are VAT registered can reclaim the VAT element on the goods they supply for their own purposes (ie not for sale).

I think you mean 'purchase'.

VAT registered entities can claim back input tax (ie what they need to produce). They charge VAT on output (unless a VAT exempt product)